|
|||||||||||||||||||
All information is at
|
|||||||||||||||||||
|
|||||||||||||||||||
Performance at month end with net income reinvested |
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|
|||||||||||||||||||
|
One |
Three |
Six |
One |
Three |
Five |
|||||||||||||
|
Month |
Months |
Months |
Year |
Years |
Years |
|||||||||||||
Net asset value |
-2.4% |
-5.8% |
1.0% |
10.5% |
19.2% |
138.3% |
|||||||||||||
Share price |
-3.7% |
-3.2% |
1.9%
|
14.8% |
7.4% |
158.5% |
|||||||||||||
Sources: Datastream, BlackRock |
|||||||||||||||||||
|
|||||||||||||||||||
At month end |
|
||||||||||||||||||
Net asset value – capital only: |
128.10p |
||||||||||||||||||
Net asset value cum income 1 : |
128.64p |
||||||||||||||||||
Share price: |
116.00p |
||||||||||||||||||
Discount to NAV (cum income): |
9.8% |
||||||||||||||||||
Net yield: |
3.9% |
||||||||||||||||||
Gearing - cum income: |
2.3% |
||||||||||||||||||
Total assets: |
£153.4m |
||||||||||||||||||
Ordinary shares in issue 2 : |
119,229,497 |
||||||||||||||||||
Gearing range (as a % of net assets): |
0-20% |
||||||||||||||||||
Ongoing charges 3 : |
1.20% |
||||||||||||||||||
|
|
||||||||||||||||||
1 Includes net revenue of 0.54p. 2 Excluding 16,356,697 ordinary shares held in treasury.
3
The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended |
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|
|
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Sector Overview |
|
||||||||||||||||||
Mining |
41.4% |
|
|||||||||||||||||
Traditional Energy |
38.5% |
|
|||||||||||||||||
Energy Transition |
20.3% |
|
|||||||||||||||||
Net Current Liabilities |
-0.2% |
|
|||||||||||||||||
|
----- |
|
|||||||||||||||||
|
100.0% |
|
|||||||||||||||||
|
===== |
|
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|
|
|
|||||||||||||||||
Sector Analysis |
% Total Assets^ |
|
Country Analysis |
% Total Assets^ |
|||||||||||||||
Mining: |
|
|
|
|
|||||||||||||||
Diversified |
19.1 |
|
Global |
48.9 |
|||||||||||||||
Copper |
5.9 |
|
|
28.2 |
|||||||||||||||
Industrial Minerals |
4.1 |
|
|
7.9 |
|||||||||||||||
Gold |
3.5 |
|
|
4.2 |
|||||||||||||||
Aluminium |
3.4 |
|
|
3.6 |
|||||||||||||||
Steel |
2.6 |
|
|
2.1 |
|||||||||||||||
Nickel |
1.1 |
|
|
2.1 |
|||||||||||||||
Uranium |
0.9 |
|
Other |
1.8 |
|||||||||||||||
Metals & Mining |
0.8 |
|
|
0.8 |
|||||||||||||||
Subtotal Mining: |
41.4 |
|
|
0.6 |
|||||||||||||||
|
|
|
Net Current Liabilities |
-0.2 |
|||||||||||||||
|
|
|
|
----- |
|||||||||||||||
|
|
|
|
100.0% |
|||||||||||||||
|
|
|
|
|
|||||||||||||||
Traditional Energy: |
|
|
|
|
|||||||||||||||
E&P |
12.4 |
|
|
|
|||||||||||||||
Oil Services |
10.5 |
|
|
|
|||||||||||||||
Integrated |
10.2 |
|
|
|
|||||||||||||||
Distribution |
4.1 |
|
|
|
|||||||||||||||
Oil, |
1.3 |
|
|
|
|||||||||||||||
Subtotal Traditional Energy: |
38.5 |
|
|
|
|||||||||||||||
|
|
|
|
|
|||||||||||||||
Energy Transition: |
|
|
|
|
|||||||||||||||
Energy Efficiency |
10.9 |
|
|
|
|||||||||||||||
Electrification |
4.4 |
|
|
|
|||||||||||||||
Storage |
2.1 |
|
|
|
|||||||||||||||
Renewables |
2.1 |
|
|
|
|||||||||||||||
Transport |
0.8 |
|
|
|
|||||||||||||||
Subtotal Energy Transition: |
20.3 |
|
|
|
|||||||||||||||
|
|
|
|
|
|||||||||||||||
Net Current Liabilities |
-0.2 |
|
|
|
|||||||||||||||
|
----- |
|
|
|
|||||||||||||||
|
100.0 |
|
|
|
|||||||||||||||
|
===== |
|
|
|
|||||||||||||||
|
|
|
|
|
|||||||||||||||
^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current liabilities figure shown in the tables above therefore exclude bank overdrafts equivalent to 2.1% of the Company’s net asset value.
|
|
|
|
|
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Ten Largest Investments |
|
|
|
|
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|
|
|
|
|
|||||||||||||||
Company |
Region of Risk |
% Total Assets |
|||||||||||||||||
|
|
|
|||||||||||||||||
Anglo American |
Global |
5.8 |
|||||||||||||||||
|
Global |
5.6 |
|||||||||||||||||
|
Global |
4.0 |
|||||||||||||||||
Shell |
Global |
3.7 |
|||||||||||||||||
Norsk Hydro |
Global |
3.4 |
|||||||||||||||||
NiSource |
|
3.3 |
|||||||||||||||||
Vale - ADS |
|
3.2 |
|||||||||||||||||
EOG Resources |
|
2.7 |
|||||||||||||||||
National Grid |
|
2.7 |
|||||||||||||||||
Schneider Electric |
Global |
2.6 |
|||||||||||||||||
|
|
|
|||||||||||||||||
Commenting on the markets,
The Company’s NAV fell -2.4% in February (in GBP terms).
Global equity markets fell modestly in February and uncertainty around the implementation of trade tariffs by the US on
Most relevant to the energy sector was the prospect of the US administration imposing 10% tariffs on Canadian oil exports, with implications for the pricing of oil products from oil refineries that currently receive Canadian oil. In addition, a permit to allow the export of Venezuelan oil to the US was terminated. Energy equities broadly made gains in February, supported by the incoming US administration’s plans to promote the development of oil and gas. The Brent oil price fell -3.0%, whilst the WTI oil price fell -3.9%, ending the month at
Within the sustainable energy theme, European energy policy suggested greater use of Power Purchase Agreements (PPAs), which we see as supportive for renewables developers and a study into promoting grid investment.
The mining sector experienced a difficult month, as equities fell despite a favourable environment of increasing commodity prices. Persistent cost inflation, though slowing, and rising capital expenditures have reduced cash distributions, leading to underwhelming equity performance. Additionally, the recent reporting season revealed disappointment in cash flow generation among larger mining companies, resulting in lower dividend payouts, with payout ratios at the lower end of expectations. Performance in the commodities sector was mixed: iron ore (62% Fe) prices fell by -1.4%, while nickel and copper prices rose by 4.6% and 1.8%, respectively. In the precious metals space, the gold price increased by 1.5%, whereas the silver price decreased by -1.2%.
All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.
|
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ENDS
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Latest information is available by typing www.blackrock.com/uk/beri on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal). Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement. |
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![]() Release |